The over-calculation of costs made by 81 percent of Americans is part of the reason only 34 percent of those who rent have renter's insurance.

“Renter’s insurance is a lot more affordable than most people think,” said Laura Adams, senior insurance analyst at InsuranceQuotes.com. “Most renters don’t realize that their landlord’s insurance usually only covers the structure and not the renter’s belongings. And even in a safe area, renters can fall victim to theft, fire, water damage or another calamity. Fifteen dollars a month is a small price to pay in order to protect your possessions and liability in a lawsuit.”

Sixty percent thought insurance for a year was $250. The other 21 percent guessed more than $1,000 per year. On average, rental insurance is $185 annually.

When choosing renter's insurance, renters should get three or more policy quotes before purchasing, according to InsuranceQuotes. Only 28 percent of those who do have the insurance had that many quotes before choosing the insurance.

Popular Comments

To "rogerdpack2" it protects more than your TV. Imagine that your child
decides to plug the kitchen sink in your rental, and floods your apartment.
Without the insurance you would have to pay for the damage out of pocket. With
insurance
More..

11:32 a.m. March 13, 2013

Top comment

Victor

Layton, UT

RedShirt, Are you saying the home owner's insurance would not cover that?
What may happen is the homeowner requires the renter to pay the deductable on
the homeowner's claim. A deductible is normally not going to break the bank
any more
More..

4:04 p.m. March 13, 2013

Top comment

Victor

Layton, UT

Just to clarify, homeowner's insurance will cover damage to the actual
home. Renter's insurance will cover damage to the renter's personal
items. As what I think rogerpack2 is implying, unless you have expensive items
in your apartment
More..